Wells Fargo CEO steps down

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Wells Fargo Chairman and CEO John Stumpf is out as of now. Stumpf is stepping down effective immediately, according to a Wall Street Journal report. He will be replaced by the bank’s president and COO, Timothy Sloan.

Stumpf is leaving as the bank is rocked by controversy following revelations that it opened 2 million customer accounts without customers’ knowledge or authorization. The bank has faced numerous state and federal investigations – including from the Department of Justice, according to the Journal.

Many observers, including Sen. Elizabeth Warren (D-Mass.) had called for Stumpf’s resignation in the wake of the scandal. The Wells Fargo board also recently decided that Stumpf should forfeit $41 million in compensation – one of the largest clawbacks ever for the head of a US bank, the Journal reported.

Shares of Wells Fargo rose 1.7% today in after-hours trading. Shares in the bank are down 13% over the past year.

COMMENTS

by | 10/12/2016 6:22:52 PM

What about the thousands that were fired? They should get their jobs back with back pay

by | 10/12/2016 8:31:47 PM

Why should they get their jobs back? I thought they were fired for having opened fraudulent accounts.

by E 2794| 10/12/2016 8:48:10 PM

Great that a big bank finally takes the blame for its wrong doing. What about the executive management staff, EVPs etc? They should be fired as well. Just As Washington Mutuals EVP staff was eliminated after Craig Davis.